vobln70m12gnlfp8ijwcThe Letters Editor
Progress Leader (Boroondara)
5 November 2013

Time for Change

Your feature on property (29/10) brings out the contrast between overseas investments in Balwyn and how increasing “house prices” are deterring first home buyers.

One real estate spokesperson you quote mentions “the elephant in the room”, i.e. high land prices.

Land values are created and sustained by the presence and activity of the community and are therefore an appropriate source for community revenue.

At the local government level: site value rating should replace the current capital improved value system.

The latter deters improvements.

At the state level: a properly applied land tax should replace payroll tax and the regressive stamp duties.

The interests of renters and first home buyers should override those of speculators.

Geoff Forster